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are in a complex economy that really relies on organizations to provide us with necessities. so we have to everything you and the longer-term, focus on stories that represent trends do not exaggerate noise and we have to get away from here. so fear play the role in the development of human societies in the earliest stages is encoded in our dna. but to evolve to this complex modern environment we live in, we have to update. so that's a sure question speaks to you. >> host: are you fearful venture capitalists? >> guest: you know, the opposite of that is maybe you say well, venture capitalists has to be inherently optimistic, you know, because why would you invest in some thing that the returns and so forth. telling about and prosperity, that is history easily care to race. this is not to miss the. from my stand point i think about optimism about the definition of an optimist if somebody was systematically latepromoter desiccate the true distribution of outcomes is. and the pessimist if someone has systematically really. they are there an hour in advance. anything could've happened. had to
" and paul krugman, author wrote train to talk about problems facing the u.s. economy for about an hour 45 next on booktv. [applause] >> well, thank thank you very m. thanks to the passionate attitude and technology in shakespeare books for hosting the event this evening. i also am very excited. i think we are all very excited to see probably two people who i would say are unquestionably the most cited economists in the world today. [applause] in addition to being most cited, and as you all know, those are noble laureates, i would have to say from the vantage point of the institute of economic thinking that if i were to nominate two people as being the most courageous economists in the world and the most impactful, the subpoena to find a list. so we're very excited to be part of this conversation. [applause] as you know, each of them has written a book that pertains to our current challenges and circumstance. joe stiglitz spoke, "the price of inequality" and paul krugman's book, "end this depression now!" are part of your goodie bag tonight. therefore on behalf of them i will thank you for
by 20% stuff like that. the old problem was not enough spending in the economy. one player that should have been spending more was the government thinks to adolf felt hitler they did but they should have been doing to increase spending. there is overwhelming confirmation and this is a time to have the government spend more would pit -- but people to work and put capital to work it is hard politically because it is hard to persuade people which is why some of us write books. [laughter] >> host: someone argue with you to say you do the spending big issue of boost then you fall back. but we did not to. what happened? >> that is interesting story. a lot of people just like montgomery ward was a major store chain. but the major -- but he believed they would come back so he hoarded cash waiting for the depression to come back by the time it was clear they lost their position in the marketplace. is not steadied as much as it should have been but that story of what is going on is about excessive practice with the debt bubble and it burst leaving people stranded with too much debt. what happene
and argues that it hurts the economy. this is about 40 minutes. >> and howard hughes for research at the manhattan institute. thank you for joining us. the question of whether and how governments, particularly the federal government direct tax dollars to industries was a discussion last night presidential debate and is becoming an ongoing theme in the campaign. the term on which the finance and industries have also been the focus of intense debate, but probably the most contentious example of all is the one on which diana furchtgott-roth of the manhattan to senior fellow and speaker this afternoon focuses and are tightly regulating to disaster, have green jobs policies are damaging america's economy. in fact, she subjects the assumptions and policies which led to such elevated as of now bankrupt seller paid no manufacture as well as the electric car battery manufacturer to a withering analysis, which we at the institute have come to expect from this oxford trained economist who served as chief of staff of the council of economic advisers -- sorry. during the administration of pres
the government, we will close down the american economy and, in turn, the global economy. if they do not solve the issue of this runaway spending, get some way to stop borrowing in excess, he tells the president of the united states if we default on this, on our obligations and our ious, we will trigger a depression worse than the 1930s. anybody here remember the 19 1930s depression? you probably don't. i don't. i was not born, but i've read about it. it was a calamity for the world. tim geithner said to the president what, if we default on this, if we do not solve this problem, we will have an economic catastrophe that will make the 2008 financial crisis a footnote in the history books. anyone remember the 2008 financial crisis? that's coming not from some columnist or journalist, that is coming from well-informed secretary of the treasury. you think about this, there is a value in running scared. if you think about after 9/11, the terrorist attacks, one thing the country did collectively is they set up tsa, the screening at airports. there are all kinds of work, very significant work done to
. this is someone else on the investment committee said. is point was the transformation of the world economy lift poor people in china and india into the middle class and one american drops out of the middle class, that is not such a bad trade, 4-1. i spoke to a cfo of a u.s. technology company and this is a person with a charming and lovely life story, his parents were immigrants and he told me his parents told him and his brother when they immigrated that they were temporarily for. imagine that, temporarily poor and sure enough complete rock stars, both of them went to new york. and the mass club, one brother in silicon valley and another is derivative on wall street. the technology cfo, his parents were really angry at him because he dropped out of a ph.d. program in applied math at stanford having gone to harvard to start becoming plutocrats. very hard-working guy, did smart, did great, this is what he said about the american middle-class. we are demand higher paycheck than the rest of the world. if you are going to demand ten times the paycheck you need to deliver ten times the value. it sou
we talk about moving the needle as a whole so the industrial economy is larger. if we could take the innovation model the cultural revolution and then the internet could be the beginning. then we could see whether revolution could do. with a new industrial revolution i will look at it as the third. how this works. rear it is the quick wind. how many people think that it came in the 1700s? 1806? half of the room. 1900? of smaller group. the answer is nobody has a precise definition of the most think 1776 with the american revolution with the distinction but to have such power so we had amplified human potential and that potential meant they could be more productive and be of low entrepreneur or a cottage industry than the firepower turns into water power but that basically replaced muscle power with machine power to amplify human capacity it doubled like that in the united kingdom between 30-year 58 million and huge improved the quality of life it you may think the factories were dark satanic mills but you have access to clean water and sanitation. will also heard try. people did
.s. economy. a television series based on the united states is currently in development as well. we're pleased to welcome to hear about his newest book, a pitcher's history of the modern world, which in this case is going to be from 1898, two just after the second world war. please join me in welcoming larry schweikart. [applause] >> well, thanks so much to heritage foundation for inviting me here. it's really an honor and one that i wish my father was alive to see. heritage is one of those great bastian said liberty in a swelling sea of collect this and. you probably didn't know that you are getting somebody here who was the previous rock drummer. this later became significant learning -- as a learning experience when i began working on this film. but all along, my experience and about and were pretty informative. sma students i know about communism because i was in a rock band. we shared everything, had nothing to start. when mike allen and i would've "a patriot's history of the modern world," we identified three major elements that made up americanism. nevertheless, we never really provided
cartwright. much larger housing it. one-way ticket about this is that the great growing economy in china per capita carbon emissions levels go up about 100% if they stop at the level of wealthy but hybrid -- out by less than 30%. that's a huge difference. whether or not you live in global warming are worried about the price of gas at the pump, we have a lot to gain by china in the building of rather than a. i think the most important thing for america to do in order to encourage a to have it is to get it some urban policies interpret that means stopping our cities as if they are the ugly stepchildren of america and recognize them for the economic heart line, apart a chance -- the heartland for this country. the american dream can only mean a homeowner in the suburb every means rethinking policies that pay for highways with general tax revenues, driving people to drive longer distances, above all honor city schools which are such critical ingredient for urban success in such a critical problem which despite enormous hard work by people language, mayor menino, like the city council, are so far
convention and james carville reminded me with all the talk about the economy that we don't live in an economy, we live in a society. i care deeply about the society we are creating and i use the word creating on purpose. today community does not happen organically. you have to be very intentional and deliberate about that, and city council is in the midst of a school reassignment process, i have learned quality is subjective, the definition of that. city council is redistricting. i have learned community is subjective. how neighborhoods are defined. i do believe in investing in infrastructure and all those things that would eradicate or mitigate a brain drain, but ultimately, i believe it doesn't matter if we have more affordable housing or better jobs or better schools. if people don't want to live here. that has everything to do with community and the soul of the city. people want to be a part of a city that is diverse and inclusive and welcoming. neighborhood is about social interaction and that is how we build community. in a city like boston that has 22 distinct neighborhoo
and the economy. the industrial revolution -- let me stop and turn to the competition. thank you. [applause] >> i appreciate you doing this and i think it is very interesting that you have drawn these parallels between what is happening in the physical industrial revolution and the previous antecedence, semiconductor revolution, digital revolution as you talk about, one thing i remember from watching the growth of the web, reflected already in the questions coming right up, people are a little bit skeptical that what is happening in hobbyists's garages is relevant to the mass manufacturing and move the needle. i will share one question from the audience. i completely understand the applicability of 3d printing a think you have way overstated what is or will ever be possible with 3d printing. i understand your logic but those who have not read the printed will be disappointed. please comment. >> 3d printers are just one of a whole generation of tools, there are laser cutters and emt machines and embroidery, you buy sewing machine, basically the digital application tool as well. three printers that
. but the transformation of the economy and meanwhile what america and drops out that is not a bad trade. i spoke to the cfo of but technology company as a person that was tied with these born and told me his parents told him that they were temporarily pour. imagine that. sure enough him and his brothers are both rock stars and avid members of the club now they find it. one does silicon valley the other does derivatives on wall street. his parents were angry because he dropped out of the ph.d. program of applied map after going to harvard. very smart and it did great and this is what he said. we demand a higher paycheck and the rest of the world. said you need to deliver 10 times the value. it sounds harsh but people in the middle class need to decide to take a pay cut. similarly was when i heard about the financial crisis. i expected wall street to feel guilty and realize you don't tell the truth to the reporter but they are off the record. almost invariably they did not blame themselves. this ceo told me sincerely he did not feel guilty for the crisis the culprit was his cousin who owns three c
and how well we have done educating the people to take their place in the economy and i would hope whatever agenda comes forward we have an agenda that is deeply focused on adult learning, adult education, community college and finding more ways for people to constructively entered the economy. >> i would concur with many of those points. i am grateful i live in a state that has the governor in deval patrick, living in a country with president barack obama. i am vigorously supporting him. creating a better access to educational opportunities and health care which is eliminating other disparities. the thing that is important we not obsess about, 99% or 47% and remember there are people behind those percentages. people who have been struggling and living in poverty. talking about the shrinking middle class, who are they joining? i want a president and a governor and a mayor that believes in making critical investments in physical infrastructure and in people's that supports the role that everyone has to play in the economy including kid putting people on a path to self sufficient lea
in the too big to fail scenario of 08 is when hank paulson said if this doesn't pass there will be no economy on monday. to you think with the romney or obama as president of another such moment occurred that the tea party types would listen to people like that and still send the economy down the drain? >> well, there is a moment that i memorialize in my book during the debt ceiling standoff that i think is real, you know, illustrative. the thinking of the more conservative flank. and it was the house leaders, you know, i'm answering your question in a general way because i can speak specifically in the future. but there were concerned. they believe that ceiling needed to be raised. they did believe that risking the full faith and credit of the netting states was a very dangerous proposition. they believe that a default would be a terrible thing for this country, and so because they could see that a lot of there fellow members did not believe that to be the case they brought in this treasury, this former treasury undersecretary named j. paul who served in the george herbert walker bush of min
because it's good for the economy. without thinking about what it does for those of us who are looking to find homes in america . [applause] >> please. >> these guys did such a great job of playing up the issues. again this going to tell a story. before i do that, because i am from washington and because it's halloween and because i have three children, all of some of the church retreat to my will report year that the most popular cost and that is completely is binder full of women. >> what did the selling custom look like? you put your arms in the binder. it's like not at jack in the box . pops out of a little fuller think. said we were bell in washington. very creative. i'm just going to tell the story that inspired me to read my book. this began in 2009. the book is based on an atlanta store which cannot in 2010. basically i have been vacationing for a long time which is a pretty prosperous working class town. when you went there. it seemed like it or not that many men around. it seemed like a was not seen them in church, at the fairgrounds, driving down the street, trucks, during c
to make homes more and more and more expensive. because it's good for the economy. without thinking about what it does for those of us who are looking to find a home in america. [applause] >> since these guys did such a great shuffling of issues i think i'm going to tell a story. but before did i just want to say that because i'm from washington and because it's halloween and because i have three children, all from love to trick or treat, i will report here that the most popular cautioned that has come up lately is binders full of women. [laughter] spent what does this hollow and caution look like? you put your arms in the binder, and it's like sort of nodded jack-in-the-box. it's like a jack lalanne in the box. who said we're dolan washington? i'm going to tell a story that inspired me to write my book. this began in 2000. the book is based on a story came out in 2010, and basically i had been vacationing and have a longtime which is a pretty process working class down come and one year i went there and it seemed like they were not that many minaret piercing like i was in a church, the f
education, community colleges and finding more ways for people to constructively enter the economy. >> and, counselor. >> yes, i would concur with many of those points. i am grateful that i live in a state that has a governor in deval patrick and living in a country with president barack obama. i'm vigorously supporting him for all the reasons you just stated, in creating better access to both educational opportunities and health care which is eliminating all those other disparities. i just think it's really important that we not obsess about the 99% or the 47% and just remember that there are people behind all those percentages. and people who have been struggling and people living in poverty. we keep talking about the shrinking middle class, who are they joining? and so i want a president and a governor and a mayor that believes in making those critical investments in physical infrastructure and in people that supports the role that everyone has to play in the economy including getting people in poverty on a pathway to self-sufficiency. that is just as important. >> round of appl
decades of the american agricultural economy, jefferson actually lost very little money on his farming operations, and so the slaves were really holding their own when commodity prices were plunging and so i mean jefferson just kept spending. the nail in the coffin financially was when he cosigned alone for his in law wilson kerry nicholas in the 1820s. nicholas was speculating in kentucky land acquisitions and he needed someone to cosign a 20,000-dollar note in the talk jefferson into it. six months later he went bankrupt and that is when the letters from monticello came. >> we have to circulate. >> all right. i want to follow up on the wheel because that is something i've been interested in on all the research i've done and of course after reading jan lewis's review yesterday where she called your book a train wreck i thought maybe you would like to use this to elaborate a little more on that and explain to the office that jefferson was made the exact terror and however, where i'm confused is that with 18 months of kosciusko's death of his will was contested by three different partie
a careful look at contemporary theory of political economy. you are going to have to bear with me for 10 minutes or so and i promise we will get back to soldiers but we can appreciate the real significance of this rhetoric of romantic patriotism in less wafers get a good grasp on the serious scientific thinking that lay behind it. informal theory, freedom to love, marry and reproduce, became essential elements of both american liberty and american power. now americans in the era of 1812 were themselves actually very well-versed in population theory. regular methodical government accounts for all the inhabitants meant that even average people had access to basic facts that they nation's population strengths. from the time of the first national census in 1792 the second which was in 1800, the nation's numbers expanded them approximately 3.9 million, to about 5.3 million they continued rising sharply, reaching 7.2 million by the third official census in 1810. so in total, the nation's numbers increased nearly twofold in just two decades. these official figures were reported widely in region
agricultural economy and, he lost very little money on his operations when the commodity prices were plunging and jefferson just kept sending debate to setting the nail in the coffin when he posted for his inlaw and 1820 he was speculating in kentucky land acquisitions she needed someone to cosign a 20,000 aware of and he talked jefferson into it and six months later he went bankrupt. and that is when the letters from monticello began to get looming. >> barry willson. >> i want to follow-up on the well because that is something i've been interested and of course after reading the review yesterday where she calls the book a train wreck i thought maybe you would want to use this to elaborate more on that. however, where i am confused is what 18 months of his staff though war was contested by three different parties and one of those in the united states at that time i don't quite understand and then jefferson predicted at this point he said this is going to really fall into a lot of litigation. it's that i think it is going to go past my lifetime he was right. so he resigned as executor and sure
difference. the u.s. is worth the sacrifice of economy but religion is not? many people to believe something like this but it seems nosy and read to make such judgments about strangers. finally, wet and frequently hears the argument that it is per se unhealthy because it is hot and uncomfortable. i remember the first time i was in barcelona and i had just been very uncomfortable with the sun. it's like a weapon and i had very fair skin and i didn't have enough covering so anyways this woman who is absolutely burned to a crisp and i was worried about the state of her skin, she made this point that the burqa is unhealthy and seem so paradoxical. [laughter] clothing that covers the body can be healthy or unhealthy, comfortable or uncomfortable depending on the fabric. people in india know and as i know when i'm in india the covering made of cotton is a very good choice in the heats because it's very comfortable, breeds easily and it keeps dust and at least some of the rays of the sun off of one's skin. it surely clear that the amount of skin displayed in typical u.s. female dress would need a d
time. the economy was wobbling, nobody wanted to upset the housing market. instead of putting fan my to sleep, the reagan administration and congress gave it a tax break and helped it survive. by the mid 1980s fannie mae was making boat loads of money again. it was profitable it was almost embarrassing. by now the ceo was a savvy fellow named david maxwell from philadelphia. he knew there was a fundamental choice to be made. the right-wing would always push to abolish fannie mae because it was a form of socialism. the left-wing would always be pressuring fannie and fred i freddie to earn the keep by doing more for the poor. and the bigger fannie and freddie got, the more political pressure they would feel. so this government charter, this role in public policy were they worth the bother? should fannie mae cut the cord with a federal government and back truly private company? maxwell order up a study of the question. and the person he hired to do the study was jim johnson. johnson came from a small town of benson, minnesota. i went there. didn't find much. [laughter] from the humble b
as a pretext to put fannie mae to sleep. but it wasn't seen as the right time. the economy was wobbly. nobody wanted to upset the housing market. so instead of putting fannie to sleep, the reagan administration, and congress, gave it a tax break and helped it survive. by the mid 1980s fannie mae was making boatloads of money i can, and it was so profitable it was almost embarrassing. by now the ceo was a very savvy fellow named david maxwell from philadelphia. maxwell knew that there was a fundamental choice to be made. the right wing would always push to abolish fannie mae. because it was a form of socialism. the left wing would always be pressuring fannie and freddie to earn their keep by doing more for the poor. and the bigger fannie and freddie got, the more political pressure they would feel. so this government the charter, this role in public policy, were they really worth the bother, or should fannie mae cut the cord to the federal government and the, a truly private company? metal ordered of the study of that question, and the person you are to do this study was jim johnson. johnson c
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